Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
31 August 2017
Premier African Minerals Limited
("Premier" or the "Company")
TCT IF Potential Sale Update
Summary
Premier African Minerals Limited (AIM: PREM) (the "Company"), the AIM-traded, multi-commodity mining and natural resource development company focused in Southern and Western Africa, is pleased to provide a further update on operations and future in regard to Mozambique-based TCT Industrias Florestais Limitada ("TCT IF") which principally owns a substantial limestone deposit and forestry interests.
As announced on 23 August 2017, the Board is reviewing possible partnerships and / or a sale of Premier's TCT IF forestry interests whilst ensuring that Premier maintains an interest in the limestone deposit. These discussions are continuing. Premier is now principally focused on the development of its Zulu lithium asset and RHA project, together with increasing its strategic interest in Circum Minerals. While the limestone asset of TCT IF remains of continuing interest to Premier, the forestry interests are not material in the ongoing development and strategy of the Group, a view supported by the recent country-wide suspension of timber cutting and export licences in Mozambique.
As previously disclosed, the payment by Premier of the consideration due to the vendors of TCT IF is only due following final procedural registration of the assignment of quotas by the Mozambique authorities and, as this registration remains outstanding, this provides an opportunity for the Company to potentially novate its rights and obligations under the acquisition agreements whilst still retaining a free carried 50% interest in the limestone deposits to completion of the initial exploration programs and without cost.
A further announcement will be made in due course.
Forward Looking Statements:
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Fuad Sillem |
Premier African Minerals Limited |
Tel: +44 (0)7734 922074 |
Michael Cornish / Roland Cornish |
Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 (0) 207 628 3396 |
Jerry Keen/Edward Mansfield |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 207 408 4090 |
Jon Belliss |
Beaufort Securities Limited |
Tel: +44 (0) 20 7382 8300 |
Charles Goodwin/ Harriet Jackson |
Yellow Jersey PR Limited |
Tel: +44 (0) 7747 788221 |
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has acquired a 52 per cent controlling stake in Mozambique-based TCT Industrias Florestais Limitada, which owns a substantial limestone deposit and forestry business located on rail in the Sofala Province of Mozambique. In addition, the Company holds 5,010,333 million shares in Circum, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$10 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25 per cent interest in the 1.5 million ounce inferred resource Akyanga gold deposit in the DRC.
ENDS
